Business/Agricultural Succession Planning

If you own your own business/agricultural estate, you should take expert advice to ensure that it passes to the next generation without incurring unnecessary tax charges. Business relief/agricultural property relief from inheritance tax is a valuable relief which can reduce the taxable value of an asset to nil. It is, however, essential to arrange your affairs in such a way so as to ensure this important relief is used to its maximum advantage.

We can also work with fellow professionals/your other legal advisors on the right structure for corporate governance documents, like articles and shareholders’ agreements, to govern and protect your business and minimise the impact of risks posed by life events such as death and divorce.

We can also support you in tax efficient succession planning and managing your exit from the business including opportunities to combine it with personal succession planning (both pre and post-sale).

We also recommend you consider putting in place business lasting powers of attorney.

Tax and estate planning to protect your wealth for future generations

Effective succession planning is a delicate balancing act involving both personal legacy and tax efficiency. Technical legal advice is therefore essential to achieving the very best outcome, but so too is professional support and guidance.

Grange Legal for individuals and families, landowners, businesses owners, entrepreneurs and individuals from varying backgrounds and walks of life.  

We give time and attention to every client, getting to know your individual situation in all its complexity as well as your personal priorities.

We can ensure that the transfer of wealth from generation to generation is effective, tax efficient and focussed on protecting long-term family prosperity.

Succession and estate planning

There’s a lot more to effective succession planning than simply making or updating your Will. When thinking about the future, it’s also vital to consider the present.

Having the right structures in place can ensure your estate delivers maximum benefit to your children, grandchildren and any other beneficiaries – taking into account the needs of first and second families, where appropriate and protecting those who are vulnerable.

UK tax planning

We advise on all aspects of UK taxation including capital gains, income and inheritance tax planning.

Here are just a few examples of what we can do:

• Support family businesses with effective tax structuring.
• Maximise your agricultural property relief (APR), business relief (BR) or entrepreneurs’ relief.
• Planning for the impact of taxation on your estate and stopping the cascade of taxation for future generations.
• Unlock the tax advantages of any charitable giving.
• Preventing multiple taxation when you inherit funds from a loved one.

We also offer post-death tax planning, should your beneficiaries ever need us.